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We investigate the determinants of the capital structure of Brazilian companies between 2000 and 2009. We use a quantile regression model and compare its results with the ones provided by conventional models (least squares and fixed effects). We show that the effects of the capital structure...
Persistent link: https://www.econbiz.de/10010885090
This study examines the effect of family management, ownership, and control on capital structure for 523 Colombian firms between 1996 and 2006. The study finds that debt levels tend to be lower for younger firms when the founder or one of his heirs acts as manager, but trends higher as the firm...
Persistent link: https://www.econbiz.de/10011050112
We examine the effect of the bond capital supply uncertainty of institutional investors (e.g., mutual bond funds and insurance companies) on the leverage of the firm using a novel data set. Our main finding is that the supply uncertainty of the firm's bond investor base — measured as (i) the...
Persistent link: https://www.econbiz.de/10011039228
We investigate the determinants of the capital structure of Brazilian companies between 2000 and 2009. We use a quantile regression model and compare its results with the ones provided by conventional models (least squares and fixed effects). We show that the effects of the capital structure...
Persistent link: https://www.econbiz.de/10011858392
Puzzling findings from prior studies demonstrated that US multinational corporations (MNCs) capital structure include significantly lower leverage than their domestic counterparts. This study utilized the period of the 2008- Global Financial Crisis (GFC) to compare the leverage ratios between...
Persistent link: https://www.econbiz.de/10015074745
This paper quantifies the “human costs of bankruptcy” by estimating employee wage losses induced by the bankruptcy filing of employers using employee-employer matched data from the U.S. Census Bureau’s LEHD program. We find that employee wages begin to deteriorate one year prior to...
Persistent link: https://www.econbiz.de/10010683679
This study examines the role played by credit ratings in explaining corporate capital structure choice during a period characterised by a major adverse loan supply shock. Recent literature has argued that supply-side factors are potentially as important as demand-side forces in determining...
Persistent link: https://www.econbiz.de/10010603431
The relationship between financial leverage and firm performance is studied in this paper. Financial leverage can positively influence firm performance because leverage can be treated as a tool for disciplining management. As such a positive relationship between financial leverage and firm...
Persistent link: https://www.econbiz.de/10014118575
This paper provides an exhaustive literature review of the motives for public-to-private LBO transactions. First, the paper develops the theoretical framework for the potential sources of value creation from going private: a distinction is made between the reduction in shareholder-related agency...
Persistent link: https://www.econbiz.de/10012965852
The relationship between financial leverage and firm performance is studied in this paper. Financial leverage can positively influence firm performance because leverage can be treated as a tool for disciplining management. The results for a large sample of Russian joint-stock companies over the...
Persistent link: https://www.econbiz.de/10012971928